Context
With the partial removal of Russian fossil fuels from the international market, there has been a volume of implications for the Indian global energy markets.
Background
Analysis
Why India is vulnerable to fluctuation in global oil economy?
India’s long-term vulnerability to price shocks emanates from the given points:
India's domestic Crude Oil and Natural Gas Production:
|
Crude Oil: Requirement & Impact in India Market
Crude Oil:
|
Natural Gas: Requirements and Impact on India
Import of LNG:
Liquefied Natural Gas (LNG):
|
What measures are required?
Way Forward
The partial removal of Russian oil, gas, and coal from international markets led to the Global Energy Crisis. The Europeans are trying to replace Russian energy resources. However, we expect the result of such actions to be an increase in gas prices on the spot market and an increase in the cost of energy resources for end consumers.
In recent context, the Indian diplomacy should negotiate with the exporters and the support the Indian Industry with the help of Government-owned banks. This implications led big-boost in the Indian energy sector.
Verifying, please be patient.